BENGALURU (Reuters) - Jio Financial and U.S.-based BlackRock got in-principle approval from India's markets regulator to act as co-sponsors and set up a mutual fund business in the country, the Mukesh Ambani-led Reliance Group company said on Friday.

SEBI approves Jio Financial and BlackRock to set up mutual fund, aiming to provide innovative investment solutions in India.

Jio's entry in the MF space is expected to spruce up the competition in the industry which currently has over Rs 66 trillion in assets under management

Jio Financial Services, through its NBFC arm, is gearing up to expand its range of financial products. It is in advanced stages of rolling out home loans, which are currently in the beta phase. The company also plans to offer loans against property and securities in the near future.

Capital market regulator SEBI has granted in-principal approval to Mukesh Ambani's Jio Financial Services Limited and BlackRock Financial Management Inc (BlackRock) to act as co-sponsors and set up the proposed mutual fund.

Jio Financial Services Ltd (JFS), a subsidiary of Reliance Industries, announced on October 4 that it has received in-principle approval from the Securities and Exchange Board of India ( SEBI ) to collaborate with BlackRock Financial Management as co-sponsors to establish a proposed mutual fund,

Jio Financial Services Ltd, the spun-off financial services entity of Mukesh Ambani-led Reliance Industries, said on October 4 that capital markets regulator Securities and Exchange Board of India (SEBI) has granted the in-principle approval to the company and BlackRock Financial Management to act as co-sponsors and set up the proposed mutual fund

Shares of Jio Financial Services slipped 1.95 per cent on BSE, Friday, October 04 to settle at Rs 338.75 per share. The scrip opened at Rs 344.50 per share, making a high of Rs 345.05 and a low at Rs 336.